A：For the fourth quarter and full year 2025, Caesar's Entertainment Inc reported strong results, with full year same store revenues up 266 million or 2% year over year. Fourth quarter consolidated net revenues were 2.9 million, with adjusted EBITDA at 901 million, a 2% year over year decline. The company's digital segment achieved an all-time quarterly EBITDA record of 85 million, despite poor hold in October. The Las Vegas segment experienced a 6% EBITDA decline in Q4, improving versus Q3, and regional revenues were up 4%, driven by strong returns in Danville and New Orleans. However, regional EBITDA was negatively impacted by poor weather in December.

A：The revenue growth in the fourth quarter was driven by a diverse portfolio, an omni-channel focus, and the delivery of unique experiences for guests. The Las Vegas segment saw a sequential improvement in occupancy and rate trends, contributing to a portion of the revenue growth. The regional revenue growth was primarily driven by strong returns in Danville and New Orleans, as well as benefits from strategic reinvestment in the Caesars Rewards customer database. Absent the impact of poor winter weather, regional EBITDA would have grown year over year.

A：The Las Vegas segment reported same store adjusted EBITDA of 447 million, a decrease from 477 million in the prior year. The segment's performance was impacted by a 92% occupancy rate compared to 96.5% in the prior year, and an ADR decrease of 5%. Despite these challenges, the property set an all-time record for slot volume in Quebec due to recent investments, including a fully remodeled Palace Court slots area. Upcoming significant projects in Las Vegas include the opening of the new Omni Day Club by TAO at Caesars Palace, the rebranding of the Cromwell to the Vanderpump, and Project 10 by Luke Combs at the Flamingo.

A：For the regional segment in 2026, the company anticipates stabilizing leisure trends and a strong group and convention calendar. Factors expected to contribute to the segment's performance include the transition of Windsor from a managed to an owned property in March, the completion of the 200 million Tahoe Master Plan renovation this summer, hosting select property events around the World Cup, continued return on investment in marketing, and the opening of the newest managed property, Harris, Oklahoma, on April 9. The segment's performance in the fourth quarter was slightly down year over year, but it is expected to improve with favorable group mix and other mentioned factors.

A：Caesar's Digital had a strong fourth quarter with net revenue of $419 million, adjusted EBITDA of 85 million, and hold normalized adjusted EBITDA of 90 million. The company's core KPIs remained strong, with mobile sports handle growing 4% and total parlay mix improving significantly. The iCasino segment experienced 28% net revenue growth, driven by volume and average monthly active users. The number of total monthly unique payers increased by 19% to 585,000. Notable achievements included successfully launching sports betting in Missouri and offering a shared wall experience to customers on day one. Looking forward, the company is optimistic about the technology progress and its ability to drive solid flow-through to EBITDA.

A：The company's outlook for the balance sheet indicates a continued reduction of debt alongside opportunistically repurchasing shares. As they move into 2026, they expect to benefit from decreased CapEx and interest expense, with well below $100 million of cash taxes. They also anticipate positive effects from the reduction in debt and the mentioned financial strategies. The company's focus remains on executing solid business strategies that can drive top-line growth with improved flow-through to EBITDA, keeping them on track to achieve their financial goals.

A：The regional business performed well in the fourth quarter, with margins holding in the mid-40s, a significant achievement.

A：In the last two weeks of the year, an illness and a snowstorm likely cost the business over $10 million in EBIT, resulting in a flat financial performance for the quarter.

A：Digital fixed marketing expenses are expected to be significantly different in 2026 and 2027 due to big contracts expiring in 2026. Approximately $35 million of this will impact the second half of the year, particularly in football season. However, some of this money will be reinvested in marketing with a return, boosting future growth.

A：The company is not seeing any significant impact on their regulated markets from legal challenges to their current operations and expects to be a significant free cash flow generator in 2026, continuing into 2025.

A：The resort in Vegas is performing normally within the context of a leisure economic cycle, with strong events like F1 and the Super Bowl contributing to its success. The occupancy rate is strong at 92.5% for the quarter across 20,000 rooms, and there is no crisis happening; it's a case of normal cycle adjustments which are expected to play themselves out.

A：The company views the potential for igaming in Maine as highly likely to launch and sees it as being on par with the EBITDA impact of the NFL contract in Massachusetts. For Virginia, a bill passed the House and is still alive, suggesting a positive outcome for brick and mortar operators. The company is hopeful for a good result in Virginia.

A：Virginia has a new governor who is looking for revenue sources, which could potentially be positive for the casino business. There have been recent tax increases on operators, but there may be some good news in the political cycle.

A：The expectation is for continued sequential improvement in the first quarter versus the fourth quarter, with an even better outlook in the second quarter. The performance will be heavily dependent on the customer traffic during the summer, which is a leisure period. The Augustus Tower at Caesar's Palace, with about a thousand rooms, is undergoing a redo, expected to be completed for an F1 event, impacting revenue by mid-2023.

A：Promotional events caused an unfavorable impact on revenue during the periods of the third and fourth quarters, when visitation was affected by weather events. The impact made the revenue figures look janky, but the expectation is for continued improvement in the first quarter and throughout the year.

A：While specific drivers of the improved performance in Las Vegas are not detailed in the provided text, it's mentioned that the fourth quarter experienced a decrease in demand from Canadian business and California interstate traffic, which had an outsized impact on room night losses. As the year progressed, there was an increase in group bookings and optimism for future market recovery.

A：The company does not provide specific guidance on balancing debt reduction and stock buy-backs, but it's implied that they would consider the current stock prices and free cash flow yield when making decisions related to capital allocation.

A：The tax cuts are expected to be a tailwind for consumer spending and the broader economy in 2023. With the withholding change starting on January 1, and people already seeing larger checks, it is anticipated that the additional money will benefit consumer discretionary businesses and thus be a positive influence across the enterprise.

A：While specific details on the impact of the Olympics on the digital business are not provided, there's an expectation for material volumes related to the Olympics. For the World Cup, there are no specific expectations mentioned in the text regarding its impact on the digital business for the year.

A：The speaker's company plans to offer a number of promotions and to revamp the offerings in terms of the markets they list for soccer leading up to the World Cup, in order to drive significant volume and achieve good outcomes.

A：The speaker acknowledges that regional gaming faces pressures from various directions, including skill games, HRMS, and potentially igaming. The speaker's company differentiates itself by creating a hub and spoke system which allows them to offer unique convenience and dominate in their products, particularly excelling in service, which they believe sets them apart from competitors.

A：The speaker's company's chief benefit in regionals is the Caesar's reward program. They highlight that the average revenue lift has been in the mid single digits purely by entering the Caesar's reward network.

A：The speaker describes the economic conditions in Las Vegas as having a 'K-shaped economy,' with premium properties holding up better than lower-end ones. Hotel numbers from both MGM and the speaker's company support this view, with MGM having a higher skew toward premium play. Additionally, the speaker suggests that location within the market plays a role, as properties in the center strip have held up better than those at either end.

A：The speaker's company measures the bottoming out of the leisure traveler market using activity among their rated players, which has been improving since the summer but is still not back to previous levels. They also consider the impact of a stronger group calendar, which contributes to sequential improvement moving forward.

A：The speaker's comments suggest that the performance of reinvestments in regional markets is positive. They note that the second and third quarters are being closely watched to see what's not working, with more indications expected in the first quarter. They also mention that the impact of competitive openings has reduced and that there will be more Caesar's market-specific initiatives in the future, which should make the regional picture attractive in 2026.

A：The speaker's company is open to looking at new opportunities, and they successfully operated in Danville, Virginia, which gives them a positive view of the state and the Commonwealth. They have no interest in participating in skill games but would consider an opportunity in Northern Virginia. The company's performance is not anticipated to be impacted by skill games beyond what has already been commented on.

A：The variance between wholly owned and lease EBITDA performance is expected to even out over time. The impact of competitive openings, which has been more pronounced in recent years, is expected to abate, leading to similar performance between owned and lease properties in the future.

A：The strategies for monetizing real estate on the strip involve considering interest rate trends and the structure of potential agreements. The company remains open to discussing their assets and is expecting to run a process on an asset due to the strong capital markets.

A：The company's approach to handling potential buyers is to focus on business discussions whenever there's interest in their assets. They expect that when the capital markets are strong, there will be a process on an asset due to a limited number of potential buyers.

A：The company has observed a change in the value of customers being signed up, with slightly improved retention rates. This indicates a shift towards higher lifetime value customers, which allows for spending less on customer acquisition while increasing the frequency of customer retention.

A：The company intends to focus on maximizing shareholder value over the long term, which includes hitting numbers, scaling the business, and proving its scalability. Recent market conditions suggest it's unlikely for a spinout or sale of the business to equity at this time.

A：The potential for financial benefits from AI improvements is positive. AI can be applied in the digital business for trading, customer interactions, and enhancing profitability and margins. Benefits from these enhancements are expected to materialize over time.

A：The company's structural targets are mainly driven by a combination of efforts that create products customers want, addressing their needs and desires, and fixing any obstacles that prevent customers from engaging with the company's offerings. This approach has consistently led to improvements, resulting in a product with an increasing average expected value per bet.

A：The positive trends in structural improvements are expected to continue, with the company aiming to exceed a 10% improvement in earnings by 2026. The company has been steady over the last three years, and these improvements are seen as sustainable moving forward.

A：The company's view on the impact of Super Bowl benefits is that they have already overcome some benefits in the first quarter and expect the remainder of the year to have tailwinds. The guidance suggests that the company could potentially be down in one quarter and then grow in the last three quarters, supported by various factors including Super Bowl benefits.

A：The company views unique monthly players as an industry metric that drives components such as retention and the number of active wagers per customer. They aim to increase these contributing factors to drive higher unique monthly player numbers. The company expects continued growth in this metric, noting a strong 19% growth in the current period, although they do not provide guidance on future growth.

A：Following the acquisition of Caesars Windsor, the company doesn't see additional opportunities for expansion northwards in Canada. The acquisition was unique, as the company had managed the assets for a long time and effectively bought the EBITDA at a valuation lower than its current performance. Most opportunities in Canada involve operating small properties in tough locations, which doesn't align with the company's strategy.